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July 1st - According to statistics from the Hengqin Border Inspection Station of the Zhuhai Border Inspection General Station, in the first half of 2026, the total number of passengers entering and leaving the country through the Hengqin Port exceeded 17.77 million, a year-on-year increase of 27.8%; the number of vehicles entering and leaving the country reached 2.21 million, a year-on-year increase of 40.6%. Among them, 1.46 million vehicles had Macao license plates, accounting for 66.2% of the total number of vehicles. The ports passenger and vehicle traffic increased simultaneously, and the vitality of two-way exchanges between Hengqin and Macao continued to be released.On July 1st, Jun Mimura, Japans top foreign exchange official, stated that Japans intervention in the foreign exchange market two months prior to support the yen was successful and received support from some U.S. officials. He said, "Judging from the subsequent market performance, I believe that intervention was clearly meaningful. To my knowledge, the U.S. never commented against our actions; on the contrary, they actually made some more supportive statements." Mimuras remarks came as the yen fell to a 40-year low against the dollar, posing a greater risk of inflation for Japan. Japan is a major energy importer, and food imports account for more than half of its economy. He emphasized frequent communication with Washington, stating, "Through phone calls and emails, I contact them much more frequently than people imagine."Japans household consumer confidence index for June was 33.8, below the expected 34.1 and the previous reading of 33.6.Japans top foreign exchange official: To the best of my knowledge, the United States has never made any comments opposing our actions; on the contrary, the U.S. has actually made some more supportive statements.Japans top foreign exchange official: Judging from the subsequent market movements, I think that intervention was clearly meaningful.

Crypto winter may temper fintech earnings

Jimmy Khan

Aug 04, 2022 14:41

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Wall Street has lowered earnings expectations for once high-flying fintechs Coinbase and Block, as a chill in the cryptocurrency market adds more pain to the companies already grappling with surging costs and rapidly rising rates.


Crypto exchange Coinbase is expected to report an adjusted loss in the second quarter, while Jack Dorsey-led payments company Block is likely to post a 70% drop in adjusted profit.


Coinbase, which has the biggest exposure to crypto volatility, has lost more than three quarters of its market capitalization this year.


“For Coinbase, this is going to be a very difficult 12 to 18 months,” said Dan Dolev, senior analyst, fintech equity research at Mizuho Securities USA.


Block, which changed its name from Square last year to better reflect its focus on blockchain, has lost over half of its market value amid the stock market rout this year.

The context

The cryptocurrency selloff has dragged down multiple companies in the sector, with some even seeking bankruptcy protection. Bitcoin, the largest cryptocurrency, has nearly halved in value in the first seven months of the year.


“There could be potential for double digit headcount reduction (at Coinbase) at some point because the cost is too high,” Dolev said.


Estimate cuts and competitive pressures are also contributing to the weakness in fintech stocks, according to Credit Suisse analysts.


The cryptocurrency sector may be slowly emerging from a bruising selloff, but they still have to contend with regulatory hurdles in the United States, the biggest market for such assets.


Online trading app Robinhood Markets Inc reported a 44% plunge in second-quarter earnings on Tuesday, a day earlier than expected, and said it would also cut 23% of its workforce.

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